Gold Summit Reports Drilling Progress in Carolinas
Gold Summit Corporation (TSX-V GSM) with Joint Venture partner Astral Mining Corporation (TSX-V AST) report that three core holes, totalling 305m, were completed at the Bear Creek Prospect in North Carolina on March 12. The holes tested a northeast trending gold soil anomaly 400m long by 100m wide. Holes 1 and 2 were located 60m apart. Hole 3 was collared 245m to the northeast. All holes were drilled in a southeast direction directly beneath the soil anomaly.
All three holes intersected a sequence of finely banded sedimentary and felsic volcanic rocks, ending in a distinctive, hematite-rich, conglomerate. Quartz-sericite-pyrite alteration occurs in variable amounts over a drilled interval of approximately 70 metres in the first two holes and is less-developed in Hole 3. The presence of quartz and pyrite is generally indicative of gold mineralization in Carolina Slate Belt rocks. All samples have been submitted for analysis and assays are expected by the end of April.
The drill rig has now been moved to the Saluda Gold Project in South Carolina where the first hole of a planned 3-hole, minimum 300m program is underway. This hole was collared to the west of massive quartz vein intersections reported by the Joint Venture on July 10, 2007 and targets the same veins deeper down a projected westerly dip.
The first round of drilling at Saluda intersected very weathered bedrock and core recovery within projected vein zones in several holes was so poor that any vein quartz and gold mineralization, if present, was not effectively sampled. The current drilling program was designed to intersect the veins in fresh rock beneath the saprolitic weathering horizon.
Ronald D McDaniel, BSc, MSc, a registered Professional Geologist in the State of North Carolina, is designated as the Qualified Person under National Instrument 43-101 responsible for supervising the Joint Venture’s technical work in the Eastern United States.
Gold Summit explores mostly in the United States for high grade gold and gold/silver deposits that would support underground, low cash cost operations. GSM’s primary properties, totalling 42 km2, cover four Tertiary epithermal vein districts in Nevada. All these have drill ready targets defined by surface work, most with bonanza grades in outcrops or discovery drill holes.
In conjunction with joint venture partners International Bethlehem Corporation, Gold Summit recently resumed core drilling on its flagship Monte Cristo property.
For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at www.goldsummitcorp.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release includes certain “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.